Dynamic secures $13.5M in Series A funding from a16z crypto and Founders Fund to simplify access to wallets and bring web3 login to everyone

Over the past two years, with the whirlwind of bull and bear cycles, the world of crypto has felt chaotic.

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But on the inside, and with a steady hand at the wheel, builders were and are still building. Tokenproof is leveraging digital ownership to create physical experiences. Co:Create and IYK are helping brands create magical moments. Starkware is continuing to innovate on L2s and zero-knowledge proofs. Fabrica is redefining physical real-estate ownership. Fair.xyz is focused on reinventing art ownership. From the outside, the market seems to be facing a storm, but in the eye of the storm, founders are creating new compelling products at an accelerating pace. 

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The companies above, and many others including Animoca Brands, Snag Solutions, Doodles, and Alongside, are continuing to innovate through the cycles. In the process, they trust Dynamic to help them create web3 login experiences for everyone. This year alone, over 1.6 million unique users across 6 chains have used the Dynamic platform through branded and embedded wallet login flows.

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Working alongside these leaders, we learned that when wallets (branded or embedded) and web3 authentication become a part of a website and app, they unleash superpowers around payments, communication, storage, and authentication. With Dynamic’s toolset, we aim to enable developers to easily create interactions that were not possible before. Our vision is simple - abstract away the complexities of wallet interactions, in all forms, and let developers focus on their core products.

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In that spirit, and with thanks to the many companies who trusted us from day one, we are thrilled to announce our $13.5 million Series A. Led by a16z crypto and joined by Founders Fund, Castle Island Ventures, Breyer Capital, Nikil Viswanathan and Joe Lau from Alchemy, and others. This funding will help accelerate our work of supporting these incredible builders.

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Today we’re also excited to lay out multiple powerful features of the Dynamic platform:

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Dynamic Embedded Wallets

Dynamic's non-custodial embedded wallets offer features suitable for both tech enthusiasts and crypto newcomers. With it, Developers can craft experiences that abstract away the complexities of crypto, showing email or social login to their users, while hiding everything else. Here's a breakdown of its key components:

1. Passkeys & Secure Enclaves: Tailored for mobile users, we make use of FaceID and TouchID to introduce a familiar, yet highly secure, login flows.
2. Pre-Generated Wallets: Going a step further, developers can build interactions that let users leverage ERC-20 tokens without ever needing customers to log in. With pre-generated wallets you can programmatically create non-custodial wallets with an email address and trigger deposits as your customer interacts with your app. We’ve found this is a game-changer for developers building loyalty reward systems, on-chain games, or offline to online apparel marketplaces.  
3. User-friendly recovery flows: Developers can enable recovery flows for users who delete their passkeys, or want to establish additional passkeys for further security. 
4. Integrated On-ramps: Developers need solutions to let users convert fiat to crypto. Using our integration with our partners, developers can turn this powerful utility on in one-click.

And much much more - soon to be released are features like user key export (in closed beta), and additional non-passkey login options. Lots more coming soon on this front, and we can’t wait to share over the next few months!  

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A New Way to Explore Dynamic

Talking to our customers, we learned that some of the Dynamic features are at times easy to miss. We do a lot, and want to show it off. 🙂

Hence, we are rolling out a brand new demo environment that better showcases the power of Dynamic. With simple toggles, you can explore the flexibility of our product, its UX, and dynamic (pun intended) nature. You’ll even be able to build out full custom themes soon.

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Native Account Abstraction Integrations

In partnership with ZeroDev and Alchemy, you can combine Dynamic’s embedded wallets with smart contract wallets to further streamline user experiences. Developers can sponsor gas on behalf of their users, introduce session keys to limit signing requests, or batch transactions to reduce costs. It is a simple toggle to enable.

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Even more Multi-Chain Support

Dynamic has the most chain support of any wallet library -currently integrated with EVM, Solana, Starknet, Algorand, Cosmos, and Flow, and with more on the way. 

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SDK v1.0.0

Today we’re also officially rolling out our SDK v1, the first out-of-beta version. It includes the powerful features mentioned above, as well as reduced package size, a move to Viem as the default package option, and underlying architecture improvements. 

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The SDK also includes powerful customization options, multi-wallet linking functionality in both authenticate and connect modes, social and email login that can be combined with embedded wallet solutions from leading partners, and much more.

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We’re here to keep supporting builders, helping them create magical moments that harness the power of crypto. We are thrilled to continue on this awesome ride.

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Thanks,

Itai & Yoni, on behalf of the entire Dynamic team

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